SAN DIEGO, Calif.--(BUSINESS WIRE)--Oct. 18, 2005--Unico Inc. (OTCBB:UNCN) today announced that a majority of the holders of the company's common stock approved a proposal to withdraw the Unico's election to be treated as a business development company (BDC). The company has filed a Form N-54C notifying the Securities and Exchange Commission that the company has withdrawn its election to be subject to sections 55 through 65 of the Investment Company Act of 1940. The company has also received receipt of this Notification of Withdrawal by the Securities and Exchange Commission and is conducting business as an operating company rather than as a BDC subject to the Investment Company Act.
At the Special Meeting of Shareholders held on Oct. 12, 2005, the board-appointed Inspector of Election, Unico's Chief Executive Officer Mark Lopez, totaled the number of shares represented at the meeting, and concluded that a total of 282,969,549 shares of Unico's common stock were represented in person and/or by proxy. This represented a quorum for the purpose of conducting valid shareholder business at the meeting, since as of Aug. 5, 2005, there were a total of 498,427,896 shares of Unico common stock issued and outstanding. The following voting results were then announced: 273,314,014 shares voted in favor, 7,582,854 shares voted against and 2,072,681 shares abstained. With a majority of the outstanding common stock voting in favor, the proposal was approved.
Mentioned Last Change UNCN 0.0068 0.0003dollars or (4.61%) "We are pleased to have reached a quorum at the Special Meeting so that our shareholders could finally determine the structure and direction of the company. This has been a long process, but we now turn our focus to ensuring Unico's successful future as an operating company. With a greater number of funding options available to the company, Unico intends to access capital that will be applied directly to its operations and the expansion of its business. Our structure as an operating company should provide a more suitable environment to raise capital and allows Unico to actively participate in the operation of Unico's mine properties," commented Lopez.
"In recent months, Unico has taken several decisive steps to bring revenue to the company by drawing the value out of its mine properties. A major milestone was the signing of a five-year contract with PGM LLC for the purchase of precious metal bearing concentrates and high-grade precious metal bearing ore produced at the Deer Trail processing facility near Marysvale, Utah. This agreement, as well as the successful completion of the phase II underground diamond core drilling program, which targeted known horizons of mineralization and identified new mineralized horizons throughout the main ore channel of the Deer Trail Mine, have positioned Unico to not only generate revenue from existing stockpiles, but also to initiate broader mining programs in the future," stated Lopez.
"The company is committed to keeping our shareholders informed as we continue to position Unico to harvest what we believe to be the considerable value of our three mine properties for the benefit of the company's shareholders," added Lopez
About the Company
Unico Inc. is a publicly traded company incorporated in Arizona that is focused on the production of ores and precious metals such as gold, silver, lead, and zinc at its three mine properties: the Deer Trail Mine, the Bromide Basin Mine and the Silver Bell Mine.
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and such Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operation results to vary significantly from those in prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the company and its operations are included on certain forms the company files with the Securities and Exchange Commission.
CONTACT: Gemini Financial Communications for Unico Inc. A. Beyer, 951-587-8072
investors*uncn.com
SOURCE: Unico Inc.
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